Ignitis Renewables, a green energy company, secured a €77.5 million (~$87.24 million) loan from Swedbank Lithuania and Swedbank Latvia for the development and construction of 239 MW solar projects in Latvia.
The solar projects named Stelpe and Vārme are currently under development and are expected to reach commercial operation by this year. The total investment in the projects, including their construction and acquisition costs, is estimated to be around €178 million (~$200 million).
The 94 MW Vārme solar project is located in the Kuldīga municipality and is currently under construction. The 145 MW Stelpe solar project is in Bauska municipality, Bārbele parish, and comprises two separate stages. Both projects are expected to generate enough to power around 96,000 households in Latvia.
“We are at the forefront of the green transition in the region and strive to have a future where electricity is generated from renewable energy sources only. The Stelpe and Vārme solar farms will become significant milestones in the implementation of our green generation capacity development strategy. After the start of commercial operations, the solar farms will significantly increase the local generation of green energy in the region. We are grateful to Swedbank for supporting the implementation of our renewable energy projects, which makes a significant contribution to their success,” notes Jonas Rimavičius, CFO at Ignitis Group.
According to Mercom’s Q1 2025 Solar Funding and M&A report, announced large-scale project funding in Q1 2025 increased by 27% compared to Q1 2024.
Earlier in May, DESRI, an owner and operator of renewable energy projects in North America, in partnership with Ranger Power, a utility-scale clean power development company, announced the financial closure for the construction and development of the 150 MWac Heartwood solar project in Hillsdale County and the 140 MWac White Tail solar project in Washtenaw County, Michigan.
